- Shiba Inu’s developers hint at a secret plan to eclipse Dogecoin.
- Shibarium sees utility expansion with a new dApp by MARSWAP.
- SHIB’s 7% rebound rally on Thursday restores $0.000027 support.
Shiba Inu (SHIB) is throwing down the gauntlet to its older sibling, Dogecoin (DOGE). “#2 today, but the Doge days are numbered,” declared SHIB Token’s team on Wednesday.
SHIB came extremely close to Dogecoin DOGE by global market capitalization on March 5, 2024. That day, the original Doge Killer’s commitment to overthrowing Dogecoin for the top dog’s spot was reinforced with a $26 billion global market cap. DOGE’s $28.35bn market cap secured DOGE the TOP 10 spot, while Shiba Inu moved itself seven positions up during the illustrious 289% run.
“Get ready for a new top doggo. Much wows incoming!” reads the official SHIB Token’s statement on X, as plenty of prominent SHIB Army members have been supporting this cause since the inception of SHIB. Measured in yearly terms, SHIB has already surpassed DOGE with 151% returns in 365 days, compared to DOGE’s 107.5%.
What Makes SHIB a Formidable Competitor to DOGE?
As SHIB attained the #11 spot by global market cap during the Spring rally, some of this success can be attributed to the vibrant community, which uses Shibarium L2. Shiba Inu’s Layer-2 scaling solution dropped last August and has already garnered over 412K transfers through 1,383,211 registered wallets, according to the ShibariumScan blockchain explorer.
Sponsored
Additionally, SHIB Magazine looks at what Shiba Inu offers for its custodians, naming several projects to improve Shibarium’s utility dramatically. For instance, MARSWAP, the leading decentralized exchange (DEX) on Shibarium, implemented the Marswap Aggregator. The digital widget can be integrated freely on-chain and brings monetization opportunities for users.
However, Marswap Aggregator’s main goal remains enhancing a user’s trading experience. According to SHIB Magazine, this new dApp can slash trading costs by 15% due to its ability to utilize advanced routing mechanisms with ultra-high speed and accuracy.
Sponsored
This aligns well with Shiba Inu’s vision for 2024, as the team revealed it was focusing on creating a sovereign digital identity system. Striving for a Top Level Domain (TLD) with a .SHIB suffix, success in this task would make the SHIB Army the first Web3 community with DNS-compatible customized addresses.
Shiba Inu’s switch from an ERC-20 token on Ethereum (ETH) to a self-sufficient ecosystem gives SHIB the edge over DOGE, which has no official developer team and still operates on Proof of Work (PoW) consensus. Detachment from ETH allows SHIB to build projects atop their own blockchain, which has a substantially wider utility spectrum than Dogecoin’s PoW.
On the Flipside
- Cryptocurrency aficionados are waiting for Shibarium’s automatic on-chain burns, which can potentially drive up the canine coin’s price.
- In addition, the SHIB Ecosystem fosters other projects outside the blockchain, like the Shiba Eternity mobile card game and Welly’s restaurant.
Why This Matters
Memecurrencies often spark large-scale rallies for popular alternative cryptocurrencies and contribute to blockchain adoption due to their social appeal.
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